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Korea Exchange rejects Kyobo Life’s second IPO application

The Korea Exchange (KRX) has rejected the second application of Kyobo Life Insurance Co. filed last December for an initial public offering (IPO). Kyobo Life had been seeking to complete an IPO within the first half of this year to diversify its funding sources in preparation for the introduction of a new accounting rule for insurance products in 2023. Kyobo Life’s chairman and largest stakeholder Shin Chang-jae attributed the failure to opposition from key shareholder Affinity Equity Partners, which has been in a legal dispute with the company over Affinity‘s exercises of a put option in 2018. Kyobo applied for a preliminary review of its public listing with the Korea Exchange, three years after it cancelled the IPO plan at the end of 2018 amid a thorny dispute with overseas investors.

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